Is there any rule or timeline in which this has to be done?  

Thanks for input - He's insisting that because it's a DSCR loan, and because the size of the deal is too small to go into their "Portfolio Loan" product, that it has to be two separate loans. 

Quote from @Sharad Bagri: We are a few friends from California looking to invest in multi family real estate in Ohio.

So yes it can work, but you also need to be able to convert the responses you get into closing.

But then they look back and wish they would have kept it because it would still be generating income for them.

I'm mostly looking for a sanity check that this is required.Thanks in advance for the responses...

I plan to sell and 1031 exchange this property in the next 12-18 months.

I think this area of DFW is as good as any place in the country. 

Perhaps he has some tips as well. 

But you said this is a SFH?